First of all, booyah! The competition was an awesome success with the blog receiving heaps of entries to sort through and me having a dilemma over which two awesome entries to pick out of the crop. You guys really have some great ideas and its a shame Soup couldn't have given out more prizes for me to share!
Onto the good stuff, congratulations to Jude and Stevie for the winning entries:-
"I have a little nifty app on my iPhone called ExpenseTracker that lets me update my spendings on the fly so I keep in rein in my spending when its tipping over. Best of all its free!"
That is an awesome tip Jude, and you know whats more awesome? The fact I have an iPhone too! I've downloaded this app and its definitely worth having. So if any of you have an iPhone out there, i'd recommend it if you're spending like crazy!
"My best tip would be to always keep my credit cards at home and save them for the big purchases, so that I don't impulse spend"
Stevie definitely knows what hes talking about. I carry my two credit cards very close to my right butt cheek and I can tell you i've whipped them out many more times than I can remember just because I tell myself 'getting the points would be worth it' and 'its only a small purchase, its fine'. I'll bet that if I just kept those suckers at home, my bank account would be definitely smiling more. You two gotta check your mailboxes because there are some fancy prizes coming your way all thanks to Commonwealth Bank and their PayPass project!
So whats been up in the life of Fyf (i've decided that its pronoucned FIF, like ffffffff and all the spit comes out)? Boy got paid, thats what! And what did I do before I spent my money? As many have recommended, I paid myself! Booya, as you can see i've updated my Emergency Fund to set a reasonable target of $5k, which I know won't be achieved any time soon. But haven't a goal is better than just sitting on my laurels, so up it goes!
What else did I do with my money? Sent another grand to my savings! I've updated the sidebar to note my new goal of travelling next year. I estimate my spending would be around the 5k mark, and theres definitely a long way to go!
However, that leaves my current bank account with around 2k cash just laying around soaking up the suns and not working its butt off for some nice interest. Thats my dilemma, where do I send this money to? The way I see it, I have 3 options:-
1. Send it to HECS - Its time I got rid of this sucker. The fact that I get an extra 10% applied sounds like a super sweet deal to me.
2. Send it to my parents - If you've checked out my net worth, I have 5k still outstanding on a loan to my parents. In their mind, its a gift. To me? No sir, ffffff gets no handouts from anyone. However i'm thinking about saving the whole 5k and plonking it into their bank account instead of laddering it. That would show them HA.
3. Use it as savings for something else. But what? I've already decided to buy a DSLR camera later this year (not sure when, still gotta look out for some deals) but that would cost less than a grand. Is it time I save up for my own haus? A car? A burberry trench coat? Maybe a bit of solitary zen would figure it out.
So there are my three options. Hopefully by my next paycheck I will figure it out. If not, no biggy. I mean, i'm not spending it so who really cares? Its the lesser of three AWESOMES. Laters!
p.s. I just hit 5 digits in my super. Booya! All that personal contributions are paying off, time to go for 6 (jokes, thats gonna take forever =(!)
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